摘要
引言大约４０年前，两位经济学家Ｍｏｄｉｇｌｉａｎｉ和Ｍｉｅｒ（１９５８）提出了著名的ＭＭ理论，大意是说，在完全竞争的资本市场上，企业的资本结构不影响企业的价值。此后，许多有关企业金融的文献分别从税收、资金成本、代理成本、不完全契约等方面对企业资本结构...
Abstract The article takes Japan as an example,because the capital structure of
Japanese corporation has been largely changed. We may find out the effect to the corporate
governance due to different capital structure. In addition,it is commonly assumed that Japan′s
industry policy is successfully applied. Especially,Japan′s industry policy has played
principal role when dealing with the problems of over competition and surplus scale. But,the
studies of recent years show that it is the role of corporate debet in coporate capital stucture,not
the industy policy that really can resolve the problem of surplus scale. So the case of Japan
can be used to deepen our understanding of corporate financial structure. The article starts out
the analysis from the fundamental theory of corporte finance.
出处
《金融研究》
CSSCI
北大核心
1999年第2期39-47,共9页
Journal of Financial Research
